Crispin Odey is having a tough year.
His UK-based hedge fund is down about 35% this year through August, according to an investor letter. The fund manages around $8.9 billion.
And Odey is blaming central bankers, and particular low interest rates, for creating an unustainable economy.
“It would certainly be simpler to follow the market,” he wrote. “But then we would be ignoring the fundamental data.”
His explanation for his fund’s terrible performance, while quite macro-focused, is coherent and compelling. Here’s what he had to say:
The world got too expensive
“As individuals gained access to leverage in a world that was globalising, individuals became richer read more >>>